Macy’s Inc (NYSE:M) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Macy’s waning top and bottom-line performance has been a major concern. As a result, the stock has been hit hard and underperformed the industry in the past six months. Challenging retail landscape, aggressive pricing strategy, waning mall traffic and increased online competition have been major deterrents. Macy’s had warned investors that its margins may continue to feel the pinch. Management now envisions fiscal 2017 gross margin to contract 50–70 bps compared with 60–80 bps viewed earlier due to better-than-expected second-quarter results. However, Macy's continues to project comps on an owned basis to decrease in the band of 2.2–3.3% and sales to decline in the range of 3.2–4.3% in fiscal 2017. Nevertheless, Macy’s has announced slew of measures revolving around stores closures, cost containment, real estate strategy and investment in omnichannel capabilities to improve its performance.”
A number of other research firms have also commented on M. Royal Bank Of Canada set a $23.00 price objective on Macy’s and gave the stock a “hold” rating in a research note on Friday, August 11th. BidaskClub upgraded Macy’s from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. UBS AG restated a “neutral” rating and set a $21.00 price objective (down previously from $23.00) on shares of Macy’s in a research note on Monday, August 14th. BMO Capital Markets restated an “outperform” rating on shares of Macy’s in a research note on Tuesday, August 15th. Finally, ValuEngine lowered Macy’s from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $26.92.
Shares of Macy’s (NYSE M) traded down 0.19% during mid-day trading on Wednesday, hitting $20.62. The stock had a trading volume of 1,979,019 shares. The stock has a market capitalization of $6.28 billion, a P/E ratio of 9.33 and a beta of 0.87. The stock has a 50 day moving average of $21.37 and a 200-day moving average of $23.84. Macy’s has a 52 week low of $19.32 and a 52 week high of $45.41.
Macy’s (NYSE:M) last posted its quarterly earnings data on Thursday, August 10th. The company reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.03. Macy’s had a return on equity of 21.38% and a net margin of 2.71%. The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same quarter last year, the company earned $0.51 EPS. The company’s revenue was down 5.4% on a year-over-year basis. On average, equities research analysts predict that Macy’s will post $3.40 earnings per share for the current year.
In other news, Director John A. Bryant acquired 9,825 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were bought at an average price of $20.32 per share, with a total value of $199,644.00. Following the acquisition, the director now directly owns 9,825 shares in the company, valued at approximately $199,644. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.40% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Neuberger Berman Group LLC raised its position in shares of Macy’s by 48.4% in the 2nd quarter. Neuberger Berman Group LLC now owns 928,351 shares of the company’s stock worth $21,575,000 after acquiring an additional 302,628 shares in the last quarter. Commonwealth Bank of Australia raised its position in shares of Macy’s by 27.8% in the 2nd quarter. Commonwealth Bank of Australia now owns 140,199 shares of the company’s stock worth $3,257,000 after acquiring an additional 30,500 shares in the last quarter. Quinn Opportunity Partners LLC raised its position in shares of Macy’s by 1.2% in the 2nd quarter. Quinn Opportunity Partners LLC now owns 599,700 shares of the company’s stock worth $13,937,000 after acquiring an additional 7,000 shares in the last quarter. Swiss National Bank raised its position in shares of Macy’s by 2.4% in the 2nd quarter. Swiss National Bank now owns 1,109,712 shares of the company’s stock worth $25,790,000 after acquiring an additional 26,400 shares in the last quarter. Finally, Banco Santander S.A. raised its position in shares of Macy’s by 71.4% in the 1st quarter. Banco Santander S.A. now owns 60,000 shares of the company’s stock worth $1,556,000 after acquiring an additional 25,000 shares in the last quarter. 81.97% of the stock is owned by institutional investors and hedge funds.
Macy’s Company Profile
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.
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